Japanese Regulators Approve eBank

Japan's Financial Service Agency, the country's top financial regulator, has granted eBank Corp. a license to offer online banking services. This is the third such venture in Japan.

In March, eBank applied to regulators for a banking license to start operations. The bank aims to serve as an exclusively Internet-based specialist for the settlement of small payments. The company expects to be profitable within three years, hoping to turn a profit of 3 billion to 5 billion yen, or about $24 million.